#Nifty directions and levels for January 31st
#Nifty
Good morning, friends. As of January 31st, the global market sentiment is moderately bullish, supported by the Dow Jones. However, our local market sentiment shows a mixed trend. It might open with a neutral to slightly gap-up start based on Giftnifty, which shows +2.
According to Giftnifty, Nifty may open with a neutral start. If the market takes a pullback, it may reach the crucial Fibonacci level of 38% (21620). Structurally, this level is crucial as it indicates a ranging market. If the market breaks this level, only then can we expect a pullback of 61 to 78%. On the other hand, if it doesn't break this level, it may undergo further correction.
Alternatively, if the market experiences correction initially, the 21465 level will act as a support. After that correction, if it finds support at this level, then we can expect a minimum of 23 to 38% pullback. However, if it consolidates or breaks this level immediately, then we can expect correction continuation.
Good morning, friends. As of January 31st, the global market sentiment is moderately bullish, supported by the Dow Jones. However, our local market sentiment shows a mixed trend. It might open with a neutral to slightly gap-up start based on Giftnifty, which shows +2.
According to Giftnifty, Nifty may open with a neutral start. If the market takes a pullback, it may reach the crucial Fibonacci level of 38% (21620). Structurally, this level is crucial as it indicates a ranging market. If the market breaks this level, only then can we expect a pullback of 61 to 78%. On the other hand, if it doesn't break this level, it may undergo further correction.
Alternatively, if the market experiences correction initially, the 21465 level will act as a support. After that correction, if it finds support at this level, then we can expect a minimum of 23 to 38% pullback. However, if it consolidates or breaks this level immediately, then we can expect correction continuation.
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